January 2026 TOP M&A deals in Brazil market
Insights
China’s Chalco and global miner Rio Tinto have agreed to acquire Votorantim’s 68.596% stake in Brazilian aluminium producer CBA for BRL 4.6bn (USD 902.7mn), valuing the deal at USD 1.57bn including net debt. The buyers will pay in cash via a newly formed JV (Chalco 67%, Rio 33%). The JV must launch a mandatory tender offer for the remaining shares and may pursue a delisting. The acquisition supports Chalco’s global expansion, leveraging CBA’s low-cost renewable energy base and Rio Tinto’s operational expertise to strengthen supply chains and ESG positioning.
